Your daily newsletter for 30 August, 2019 |
"Most people miss opportunity because it is dressed in overalls and looks like work." - Thomas A. Edison |
Breather Over the last 24 hours, total market capitalization stayed within a tight range of ~$245 billion to ~$247.7 billion following Thursday's bloodbath. Most coins are either seeing gains or losses in the ~1-3% range. BTC is currently trading at ~$9,540, up ~0.8% over yesterday. On the daily chart, BTC is still trading below its 100-day EMA line after breaking down from it 2 days ago. RSI is at ~38, the lowest it has been since early Feb this year. On the weekly chart, BTC looks to be testing its 21-day EMA support line soon. |
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Collaboration platform Crypto exchange Binance has introduced Binance X platform, a new developer-focused project that seeks to provide blockchain developers with the necessary resources to drive new solutions on Binance’s projects and its blockchain ecosystem. The Binance X platform will support developers by assisting in education and collaboration on Binance and connecting them, depending on their different stages of growth, with the relevant internal programs such as Binance Labs Incubation, Binance Launchpad, Binance’s strategic investment arm, M&A, as well as Binance X Fellowship. Developers will then be able to create new solutions within a number of Binance’s products, including the Binance Chain, Binance.com APIs, Trust Wallet SDKs and the Binance Charity donation platform. Binance X will also have an Evangelist Program that recruits volunteers to carry out local and college meetups, reading groups, workshops and hackathons. |
A different ballgame At the recent China International Intelligent Industry Expo, major phone operator China Telecom released a white paper on blockchain-powered smartphones in the 5G Era. The white paper pointed out the potential benefits of applying blockchain technology to mobile phones, namely in the areas of digital identity verification, financial application, supply chain tracing application, judicial application and express delivery industry. China Telecom claimed that "data assets will grow geometrically.” China Telecom also noted that the adoption rate of the blockchain mobile industry is low at the current stage as blockchain-powered mobile phones have yet to see mass production, and because the majority of blockchain mobile phone manufacturers have used blockchain in order to speculate on market hotspots rather than to bring the actual power of the technology to the industry. China Telecom seeks to build a blockchain application ecosystem to solve major issues in operating mobile networks, including fraud, harassment, loss of data and crimes related to identity theft. The white paper also describes a project of SIM card-based blockchain digital asset management system whereby blockchain is used to create blacklists associated with trusted IMEIs and encrypt them through blockchain. |
Lightweight design According to a recent report by Binance Research, China’s Central Bank Digital Currency (CBDC) will be transferable/ usable without a bank due to its loosely coupled design. The design seeks to provide a degree of user anonymity, promote a CBDC turnover rate equivalent to that of cash, and to boost the circulation and internationalization of the renminbi. The loosely coupled design entails a system of components that do not all depend on each other, thus allowing users to transfer the CBDC to one another without needing a bank account. The report also posits that the People’s Bank of China (PBoC) is considering utilizing smart contracts in their infrastructure, but is hesitant to implement anything extending beyond “basic monetary requirements”. The PBoC is also concerned that while the implementation of smart contracts could add some value to the CBDC, its offering would become a security instead and reduce the digital asset’s usability and impede the PBoC’s goal of internationalizing the RMB. |
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Crypto deep dive: Stellar What it's about Stellar was founded by Jed McCaleb and Joyce Kim in 2014, and is a fork off of Ripple (RPX). Jed was actually the founder of Ripple (XRP)! The had a different set of ideologies that were fundamentally different from the rest of the RPX team, and thus left to start XLM based on those ideals.
Why people love it XLM has a built-in, fixed, nominal inflation routine mechanism that increases at 1% per year. This predictability is can be preferred to some. The XLM network can facilitate multi-currency exchanges and store orders to create an order book. Essentially, XLM has a decentralized exchange functionality to match buyers with sellers across multiple trading pairs. Fast transaction speeds (~5 tps) with low fees. The fees are currently approximately ~$0.000002 per transaction, which is distributed weekly as part of the inflation pay outs. Partnerships with recognizable brands like IBM, Deloitte, Stripe, ICICI Bank, TransferTo and Tempo.
Why people doubt it The Stellar Development Foundation owns a majority share of the tokens (~80%). About half of those tokens are set to be distributed in the coming years, but this centralized structure forces investors to place trust on the foundation that the distribution will actually take place. Centralized nature may prevent capital flows from retail investors. As of now, only ~20% of XLM tokens have been distributed, meaning that by the time the remaining ~80% do get distributed, the relative price of XLM has to 5x just to keep its current price. Essentially, XLM's demand has to grow accordingly by many fold just to maintain the current price.
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Other news According to the chief of the Cybercrime and Anti-Money Laundering arm of the UN’s Office on Drugs and Crime, Neil Walsh, cryptocurrencies are making international efforts to combat terrorist financing, money laundering and cyber-crime “exceptionally difficult” as the anonymizing and pseudo-anonymizing attributes of cryptocurrencies provide a “new layer of secrecy that favors the criminals”. The U.S. SEC has reached a $10 million settlement with digital assets issuers Bitqyck Inc. and its founders. The SEC charged the company with illegally operating an unregistered, national security exchange for Bitqy entitled TradeBQ.  In its Aug 2019 threat report, cybersecurity company McAfee Labs noted a 29% increase in crypto jacking campaigns and a 118% increase in ransomware attacks in Q1 2019.
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Crypto calendar 29 Sept - U.S. SEC's decision on the Wilshire Phoenix's Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision) 13 Oct - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision) 18 Oct - U.S. SEC's decision on the VanEck/SolidX Bitcoin ETF application, under the Cboe BZX exchange (final decision) TBA - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline TBA - Justin Sun's lunch with Warren Buffett |
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